XRP Seems Bullish for the Short-Term: Will It Cross $0.5?

Ryan Fugger conceived Ripple to make banking transactions easier, and now it is managed by a US private company, Ripple Labs. XRP is the native cryptocurrency of Ripple, and financial companies like banks and AMCs use it to make faster transactions possible.

Each transaction runs and validates on the Ripple network through a code. The code is executed by validators, and the authentication process is conducted by votes. A transaction is released on the network after 80% of validators approve it.

Wire transfers between two banks take too long, and the process is also expensive. Ripple solves this problem with its global system that runs 24/7. Banks connected to this protocol make transactions faster than regular wire transfers.

It is very similar to BTC but has some basic differences. Bitcoin and Ripple both work in financial transactions. BTC is awarded to the validator, but no XRP is conceived as compensation for validation.

Many investors think it will provide a similar return to Bitcoin, so it is worth investing in. Please read the XRP price prediction before investing for the long term by clicking here.

XRP Price Analysis

XRP was trading around $0.377 when writing. The XRP token is forming higher highs, suggesting bullishness for the short term. Though RSI is below 60, MACD and Bollinger Bands suggest strong bullishness. It is important to note that $0.40 is a resistance level, which means the XRP price may come down again if most investors book their profit.

XRP Price Chart

On the weekly chart, the XRP price has been recovering from the support level, but technical indicators do not suggest bullishness. Though MACD is bullish, candlesticks are forming in the lower half of the Bollinger Bands with RSI below 40. Overall, it is not the ideal time to invest for the long term; you should invest only when XRP crosses the level of $0.46.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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